Amount of employer contributions made to any significant plan individually, and the aggregate amount of contributions to all multiemployer pension plans

Representation that the contributions to the plan were more than 5% of the total contributions made to the plan, if applicable

An indication of which plans, if any, are subject to a funding improvement plan

The expiration date(s) of the collective bargaining agreement(s)

Any minimum funding requirements

The most recent certified funded status of the plan

If a certified funded status is not available, then the company must disclose of the plan is either less than 65% funded, between 65% and 80% funded, or greater than 80% funded

Multiemployer pension plans are most common when unionized employees are involved. Typically, unionized employers move from company to company and a multiemployer pension plan is able to "move" with the employee. They are most common in manufacturing, trucking, construction, and professional sports entities.

The FASB anticipates approving the new accounting standard update in September 2011. The effective date of the new disclosure requirement would be for fiscal years ending on or after December 15, 2011, for public companies and December 15, 2012, for private companies.

About the AuthorJustin Hayes is a director in Katz, Sapper & Miller’s Audit and Assurance Services Group. Justin works with clients to help ensure accurate financial reporting, keeping an eye on their bottom line, and helping them avoid risk and maximize efficiencies. Connect with him on LinkedIn.